1-866-840-0279North Carolina Reverse Mortgages
A North Carolina reverse mortgage can help you achieve the financial freedom you deserve while living in the state you love.
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How a Reverse Mortgage Works in NC
For a detailed explanation of North Carolina reverse mortgages, check out our comprehensive reverse mortgage guide. You can also contact a friendly GoodLife Specialist who will gladly answer all your questions.
Reverse Mortgage Qualifications & Requirements
The reverse mortgage requirements in North Carolina are consistent with those found across the states because the HECM program is overseen by the U.S. Dept. of Housing and Urban Development (HUD) and insured through the Federal Housing Administration (FHA). Federal guidelines on reverse mortgage eligibility require that borrowers must:
Additional factors may impact your eligibility for a reverse mortgage in NC, so speak to a GoodLife expert who can help determine your qualification for this form of government-backed financing.
North Carolina Reverse Mortgage Calculator
Our reverse mortgage calculator can give you a free estimate of how much home equity you may be able to access to increase your cash flow.
North Carolina Reverse Mortgage Process
If you’re looking for a reliable reverse mortgage company in North Carolina, GoodLife is the top-rated lender on Trustpilot. We offer the best rates in the industry that can either meet or exceed our competitors’ rates — guaranteed. Our unique business position allows us to handle the entire reverse mortgage application process in-house, saving you time and money, and we move quickly to fund the loan so you can receive fast access to cash when you need it the most.
Consultation
First, we’ll learn about you and your financial goals, then we’ll teach you about the HECM program and how reverse mortgages work in NC. Our mission is to improve the lives of others by helping them achieve greater financial freedom, but we’re committing to ensuring this type of loan is the right fit for the right person, at the right time.
Counseling
According to HUD’s guidelines, all applicants must attend an approved counseling session to speak with someone who will go over the information that we provide and confirm your eligibility for a HECM. They’ll act as an objective third-party and can answer any additional questions you may have.
Application
Next, we’ll arrange a certified appraisal to confirm your property is safely maintained to FHA standards. The appraiser will also estimate the value of your home to help us determine how much equity we can help you access through loan proceeds.
Funding
After the application is approved, we’ll expediently originate and fund the loan. You can choose how you would like to receive your money: as a line of credit, monthly installment, or one lump sum payment.
Reverse Mortgages in NC: FAQs
Which properties in North Carolina qualify for a reverse mortgage?
You may qualify for a reverse mortgage in North Carolina if you own substantial equity in a single-family home, townhome, FHA-approved condominium, or two- to four-unit property. The property must be your primary residence, so vacation homes are ineligible, as are properties with more than four units; they’re considered commercial rather than residential.
What if I still have an existing mortgage?
Pending that you have substantial home equity and meet all eligibility criteria, you can still qualify for a NC reverse mortgage. A portion of the loan proceeds will first be used to settle the remainder of your existing mortgage, then you can spend the leftover funds however you like.
Are there monthly payments required on an NC reverse mortgage?
No, borrowers are not required to make payments toward the reverse mortgage balance or interest until the loan reaches maturity — although you can make payments ahead of schedule if you prefer. You will need to keep up with property taxes, mortgage insurance, and home maintenance as needed for the life of the loan.
Download the Reverse Mortgage Guide
Fill out the form to download our comprehensive GoodLife Guide to Reverse Mortgages or call to speak with a GoodLife Specialist!
